Facebook Credits for sale at a Target store in Colorado Springs, September 2010
Facebook Credits was a virtual currency that enabled people to purchase items in games and non-gaming applications on the Facebook Platform. One U.S. dollar was the equivalent of 10 Facebook Credits.[1] Facebook Credits were available in 15 currencies including U.S. dollars, pound sterling, euros, and Danish kroner.[2] Facebook was hoping eventually to expand Credits into a micropayment system open to any Facebook application, whether a game or a media company application.[3] Facebook deprecated Credits in favour of users' local currencies.[4][5]
Facebook Credits went into its alpha stage in May 2009 and progressed into the beta stage in February 2010,[6] which ended in January 2011.[7] At that time, Facebook announced all Facebook game developers would be required to process payments only through Facebook Credits from July 1, 2011.[8]
Facebook retains 30% and developers get 70% of all revenue earned through Credits.[9] Credits is a single currency that can be used in multiple games and applications, and its introduction led former PayPal executives to comment on whether or not Credits could soon replace PayPal as the leader in virtual payments.[10] By the end of 2010, it was expected that Facebook users would purchase Credits to pay for the majority of virtual goods sold on the social network.[3]
In March 2011, Facebook created an official subsidiary to handle payments: Facebook Payments Inc.[11]
In June 2012, Facebook announced it would no longer use its own money system, Facebook Credits. Users with credits will see them converted into their own currencies.[12] Facebook Credits was officially removed from Facebook in September 2013.[13]
^"How will sir pay? Facebook credits, that'll do nicely". The Register. Retrieved July 13, 2010.
^ ab"Facebook Hopes Credits Make Dollars." The New York Times. Retrieved January 5, 2011.
^Lafferty, Justin (March 27, 2013). "Facebook Explains Local Currency For Games". Mediabistro Inc. Retrieved 28 May 2014.
^Lafferty, Justin (June 19, 2012). "Facebook Swapping Out Credits, Adding Subscription Billing". Retrieved 28 May 2014.
^"Expanding Our Commitment to Facebook Credits". Facebook. Retrieved July 13, 2010. Archive.
^"Facebook confirms plans to make Credits the mandatory “universal currency.” VentureBeat. Retrieved January 24, 2011.
^"Facebook Sets July, 1, 2011 Deadline to Make Credits Sole Canvas Game Payment Option.” Archived 2014-04-29 at the Wayback Machine Inside Facebook. Retrieved January 24, 2011.
^"Facebook to developers: Get ready for Credits" Archived 2013-08-23 at the Wayback Machine. CNET. Retrieved July 13, 2010.
^"Former PayPal Leaders Debate: Can Facebook Credits Replace PayPal?" Archived 2013-11-05 at the Wayback Machine. Inside Facebook. Retrieved July 13, 2010.
^Facebook Creates Payments Subsidiary (archive)
^"Facebook scraps its own Credits currency for apps". BBC News. Retrieved June 20, 2012.
^Farewell, Facebook Credits Adweek, David Cohen. September 13, 2013.
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